IMX Sets Up Joint Venture for Nkata Hill Nickel Project

IMX Resources Ltd. (TSX:IXR,ASX:IXR) announced that it has set up a new joint venture with Loricatus Resource Investments regarding its Tanzania-based Nkata Hill nickel project.

Loricatus is an investment vehicle on behalf of Fig Tree Resources Fund II, a Mauritius-based mining private equity fund.

Highlights of the deal include:

• Fig Tree will initially acquire a 70.65% interest in the Ntaka Hill Nickel Project from the Nachingwea JV for US$5.88M (A$7.15M) cash and a commitment to sole fund completion of a Feasibility Study.
• Fig Tree will have the right to maintain its 70.65% interest in Ntaka Hill upon completing a Feasibility Study within 5 years. If Fig Tree does not complete the Feasibility Study, its interest in the Ntaka Hill JV will reduce to 50%.
• Fig Tree will appoint the manager of the new Ntaka Hill JV and use its financial and technical resources with the aim of defining the feasibility of a low capex, higher grade nickel sulphide mining operation.
• IMX will continue to manage and fund the existing Nachingwea JV (IMX 85%/MMG 15%), and its graphite and gold projects, with the Ntaka Hill Nickel Project to be ‘excised’ out of the remaining Nachingwea JV.

Click here to read the full IMX Resources Ltd. (TSX:IXR,ASX:IXR) press release.